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Current Futures: Dow +1.00, S&P +0.40, NASDAQ +2.25
European markets opened higher, continuing the global uptrend. At the same time, U.S. futures barely moved on a weak volume.
European markets were lifted by the financial sector and by the commodity stocks on Friday, reflecting the trends observed over the last few trading session. On the other hand, European carmakers were the worst performing sector this morning, as Porsche may fail to find an investor to help the struggling company. In the German Dax, Volkswagen Daimler and BMW declined more than 2% on Friday. In the U.K. Ftse, the retailer Tesco lost almost 0.50%, as investors are starting to worry about its huge debt, of around $16 billion. As a note, with small exception, every European market advanced on Friday morning.
The “too big to fail” phrase may soon be gone, at least in Switzerland where the central bank is trying to impose regulation to reduce the size of individual financial groups, as UBS and Credit Suisse. This is probably the first (public) initiative to suggest this type of regulation, and comes from a country where everything spins around the banking system. The banking industry represents about 15% of the Swiss GDP, making Switzerland the country with by far the biggest financial system related to the size of the economy, TheLFB-Forex.com Trade Team notes.
Overnight, the U.K. Ftse rose 16.64 points (0.39%) to 4,297.50, while the German Dax lost 8.55 points (0.18%) to 4,828.93.
Crude oil for July delivery was recently trading at $71.80 per barrel, higher by $0.50.
Gold for July delivery was recently trading up by $0.30 to $934.90.
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